BEAUMONT, TEXAS — Marcus & Millichap has arranged the sale of Jefferson House, a 42-unit apartment property located in Beaumont. Jeffrey Fript and Christian Mazzini of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a developer. Mazzini and Fript also represented the buyer, a limited liability company. Jefferson House is located at 2450 W. Lucas Drive.
COLUMBIA, S.C. — The University of South Carolina is seeking a private developer to build and operate a residential village on the south side of its campus that includes new student housing towers, according to Wes Hickman, a spokesman for the school. The developer would have the ability to lease the property for up to 40 years, and the school would share in the profits from renting rooms to students. To build the towers, four residence halls with 1,200 beds — Bates House, Bates West, Cliff Apartments and Carolina Gardens — would need to be demolished. Plans call for replacing these halls with three- to six-story towers that could have as many as 4,000 beds. USC hopes to have 1,500 beds on line by July 2018. According to Hickman, the school would likely put little to no money upfront toward the project. The 18-acre village would also include dining facilities, recreation space and parking.
ORLANDO, FLA. — ARA Newmark has brokered the sale of Regency Oaks, a 343-unit, value-add apartment community located in Casselberry, roughly 10 miles north of downtown Orlando. The property was 95 percent occupied at the time of sale. Common area amenities include a barbecue and picnic area, dog park, carports, a lighted tennis court, playground, three laundry facilities, three swimming pools with sundecks, a 24/7 fitness center and a self-serve car wash. Kevin Judd, Patrick Dufour, Richard Donnellan, Marc deBaptiste and Scott Ramey of ARA Newmark represented the Norfolk, Va.-based seller, Harbor Group International LLC, in the transaction. Jacksonville-based Michaelson Real Estate Group LLC purchased the asset for an undisclosed price.
LAKE CHARLES, LA. — Marcus & Millichap has brokered the sale of The Gardens and The Guardian, a 108-bed seniors housing property located at 1401 Country Club Road in Lake Charles. The sales price was undisclosed, but the list price was $9.6 million. Rod Llanos and Doug O’Toole of Marcus & Millichap’s Houston office represented the seller, a limited liability company, in the transaction. Llanos and O’Toole also secured the buyer, also a limited liability company. William Hoffpauir of Marcus & Millichap assisted in the transaction.
NEW YORK CITY — Construction has topped out for 252 East 57th Street, a 65-story condominium tower in New York City. Developed by World Wide Group and Rose Associates, the tower has reached its highest point of more than 700 feet. Designed and constructed by SOM, DeSimon, Flack + Kurtz, SLCE Architects and Lend Lease LMB Inc., the tower features a curved glass façade that amplifies the residential surface areas and offers views of Manhattan, Central Park and the East River. Upon completion the tower will feature 93 condominiums in two-, three-, four- and five-bedroom configurations. On-site amenities include a gated porte-cochere and a residents’ club with a terrace, pool and spa. Occupancy is slated for late 2016, with residences starting at $4.5 million.
NEW YORK CITY — Besen & Associates has brokered the sale of a four-building multifamily portfolio located in the Bronx for $4.5 million, or $121 per square foot. The 36,918-square-foot portfolio consists of four walk-up apartment buildings located at 723 Oakland Place, 2078 Vyse Ave., 2408 Webster Ave. and 2420 Webster Ave. The portfolio contains 34 apartments and 177 rooms. Amit Doshi and Richard Torres of Besen & Associates represented the seller, Prana Investments, and procured the undisclosed buyer in the transaction.
TUSCON, ARIZ. — CBRE National Senior Housing has arranged a $25 million construction loan for Hacienda at The River, a 129-unit assisted living, memory care and skilled nursing community in Tuscon. A joint venture of The Freshwater Group and Watermark Retirement Communities is developing the community on a 5.75 acre plot. When completed, Watermark will manage the community. Aron Will, executive vice president of CBRE National Senior Housing, and Jim Sellers and Tim Prouty, both senior vice presidents of the CBRE Debt & Structured Finance office in Tucson, secured a three-year, floating-rate loan that then converts to a three-year, mini-perm loan. The loan was placed through a regional bank. Based in Tuscon, Watermark is the 13th largest operator of seniors housing communities in the U.S. with 38 communities comprising 7,483 units, according to 2015 data from the American Seniors Housing Association.
MURRIETA, CALIF. — Developer and operator Anthem Memory Care has broken ground on Vineyard Place, a $12.6 million memory care community in Murrieta, about 80 miles southeast of Los Angeles. Anthem expects to open the 38,000-square-foot, 66-unit community in summer 2016. Working with Anthem on developing and building Vineyard Place are CM Consulting, Markham Development Management Group, CBTwo Architects, Consolidated Contracting and LTC Properties, which is providing financing. Anthem, based in Lake Oswego, Ore., also operates a dementia care community in Chico, Calif., and four in Denver. It is currently developing three communities in the greater Chicago area.
MARINA, CALIF. — AMCAL Monterey Bay LLC has opened The Promontory, a 174-suite, 579-bed off-campus student housing development near the campus of California State University at Monterey Bay. The development is comprised of three four-story buildings featuring 174 fully furnished suites, in which students share a common kitchen and living room in the two-, three-, and four-bedroom housing pods. Each bedroom has its own bathroom, and each individual bedroom locks for privacy and security. Each of the three buildings also features an interior courtyard for studying and socializing. The community shares 6,500 square feet of interior common amenities that include study rooms, a cyber cafe with kitchen facility, computer lab, theater, game room and fitness center, as well as an outdoor basketball court. AMCAL Monterey Bay LLC purchased the 8.27-acre parcel of land from the City of Marina in January 2014. The project is privately funded by Bank of the West and private equity financed. Construction was completed in 18 months, which included the demolition of the abandoned Fort Ord Motor Pool. The development will be managed by the University Corp., the nonprofit that manages all of the campus’ student housing. AMCAL Monterey Bay LLC negotiated and signed a 20-year master …
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use loft building located at 9 E. 16th St. in the Ladies’ Mile Historic District of Manhattan. The seven-story, elevator-serviced building sold for $30 million, or $978 per square foot. The 30,680-square-foot property features 15 large loft units, of which 12 are fair market and three are rent stabilized, and one ground-floor commercial unit, which is currently occupied by a restaurant. Paul Smadbeck, John Ciraulo, Rob Stufano and Craig Waggner of Cushman & Wakefield brokered the all-cash transaction. The names of the seller and buyer were not released.
